Section 4-233.1 – Capital Reserve Fund
(a) (1) In this section the following words have the meanings indicated. (2) “Capital reserve fund” means a reserve fund created under this section. (3) “Minimum capital reserve requirement” means the minimum capital reserve amount established by the Administration for a capital reserve fund in connection with the issuance of bonds, notes, or other obligations of the Administration in […]
Section 4-234 – Guarantee of Loans
(a) In this section, “government–sponsored enterprise” means the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank, or other agency or instrumentality of or chartered by the federal government that has similar powers. (b) (1) To finance community development projects, public purpose projects, or residential mortgage loans, the Administration may purchase or […]
Section 4-235 – Mortgage Loans and Reverse Equity Mortgage Loans
(a) (1) In this section the following words have the meanings indicated. (2) “Mortgage loan” includes a loan to: (i) finance or refinance the purchase of stock or membership in a cooperative ownership housing corporation; or (ii) rehabilitate units in a cooperative ownership housing corporation. (3) “Reverse equity mortgage loan” includes a loan that uses the equity in a home as […]
Section 4-236 – Mortgage Lenders
In carrying out this section and §§ 4-237 through 4-241 of this subtitle, the Administration may not make a loan to a mortgage lender or purchase a mortgage loan from a mortgage lender unless the mortgage lender is: (1) a bank, trust company, savings institution, savings and loan association, national bank association, mortgage banker, or other […]
Section 4-237 – Mortgage Purchases and Loans
(a) The Administration may: (1) purchase or commit to purchase, from a mortgage lender that is eligible under § 4–236 of this subtitle, a note, mortgage, or partial interest in a note or mortgage that evidences: (i) a residential mortgage loan to a family of limited income; (ii) a mortgage loan to a sponsor of a community development project […]
Section 4-238 – Commitment to Purchase Mortgage Loans
(a) (1) New mortgage loans that the Administration purchases shall be loans to: (i) families of limited income; (ii) sponsors of community development projects; or (iii) homeowners: 1. with primary residences located in sustainable communities; 2. who refinance a residential mortgage loan made by the Department or Administration; or 3. who use the loan proceeds to: A. purchase the homeowner’s primary residence and make […]
Section 4-239 – Loans to Eligible Mortgage Lenders
(a) (1) A loan from the Administration to an eligible mortgage lender shall require the eligible mortgage lender to make mortgage loans in principal amounts that add up to at least the amount of the loan from the Administration to: (i) families of limited income; or (ii) sponsors of community development projects. (2) After receiving the loan from the Administration, […]
Section 4-240 – Certificate of Mortgage Lender
(a) Except as provided in subsection (c) of this section, a mortgage lender shall make a certificate under this section for every residential mortgage loan that the lender makes under a purchase commitment by the Administration with: (1) the proceeds of purchase of a mortgage loan by the Administration; or (2) the proceeds of a loan from the […]
Section 4-241 – Assignment and Assumption of Residential Mortgage Loans
Except as required to qualify for insurance or guaranty by the federal government, a residential mortgage loan may not be assigned to or assumed by a person not qualified under the appropriate Administration program if the residential mortgage loan is: (1) a new loan that the Administration purchases or in which the Administration purchases an interest; […]
Section 4-242 – Priority to Selling Residential Property Owned by Administration
In providing financial assistance to a homeowner that includes the purchase of the homeowner’s primary residence and payments on the homeowner’s student loan debt, the Administration shall give priority to selling residential property that is owned by the Administration.